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GBP/USD Retraces Half of Decline; Don’t Forget about 1.6902

GBP/USD Retraces Half of Decline; Don’t Forget about 1.6902

2014-05-20 19:50:00
Jamie Saettele, CMT, Sr. Technical Strategist
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GBP/USD Retraces Half of Decline; Don’t Forget about 1.6902

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-GBPUSD reversed on Thursday at the line that extends off of the November and February lows. A break of this line is needed in order to more confidently signal that a top is in place.

-A resistance zone is seen at 1.6870-1.6902. Support is estimated at 1.6789.

LEVELS: 1.6730 1.6753 1.6789 | 1.6870 1.6902 1.6974

--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.

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